Sable Offshore’s (SOC) “Buy” Rating Reiterated at Benchmark

Benchmark reaffirmed their buy rating on shares of Sable Offshore (NYSE:SOC) in a report issued on Thursday morning,Benzinga reports. They currently have a $37.00 price target on the stock.

Several other research analysts also recently issued reports on the stock. Pickering Energy Partners began coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. BWS Financial restated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Johnson Rice initiated coverage on Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Down 3.1 %

Shares of SOC stock opened at $28.47 on Thursday. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $32.33. The firm’s fifty day simple moving average is $24.78 and its 200 day simple moving average is $22.19. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SOC. Toronto Dominion Bank bought a new stake in shares of Sable Offshore in the 4th quarter valued at approximately $344,000. GF Fund Management CO. LTD. bought a new stake in Sable Offshore in the fourth quarter valued at $451,000. Two Seas Capital LP bought a new stake in Sable Offshore in the fourth quarter valued at $3,630,000. Rafferty Asset Management LLC raised its stake in Sable Offshore by 377.5% during the fourth quarter. Rafferty Asset Management LLC now owns 119,765 shares of the company’s stock worth $2,743,000 after acquiring an additional 94,684 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Sable Offshore by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 14,211 shares of the company’s stock valued at $325,000 after acquiring an additional 4,675 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.